The effective technique and procedure for successfully managing any project, whether it is a complex mega project or a relatively simple & small project relating to any hydrocarbon industry, always involves several critical sequential and interdependant steps.

This presentation addresses various uncertainties associated with such critical steps and then highlights how to account for and manage any such uncertainties to minimize their respective adverse impacts (risks) on the overall performance of the project execution.

The interdependence of project management technique and the various types of industry standard contract types are discussed with reference to respective potential risk tolerance characteristics of each type of contract

Finally the applicability of earned value analysis in project management as an important measure of understanding the project status is elucidated.